I worked for Taylor Woodrow International from 1975 to 1980 in various parts of the world and its geographic and sectoral diversification was one of its greatest strengths

From building houses and apartments around the world, to dry docks, highways, airports, hotels, hospitals, power stations and so on. When one market or sector was down, we went to the market or sector that was up.

Putting all of your eggs in one basket is an obvious mistake in any business, and few mistakes could be bigger than concentrating on speculative housebuilding exclusively. Frank Taylor must be spinning in his grave! I am sure that shareholders will require more than their pound of flesh for this mistake.

Steve Tennant